ConocoPhillips Wave Analysis – 24 December, 2019

• ConocoPhillips broke resistance area
• Likely to rise to 66.00

ConocoPhillips recently broke the resistance area lying between the resistance levels 63.00 (which stopped the previous sharp upward wave (A) in September) and 63.80 (monthly high from May).

The breakout of this resistance area coincided with the breakout of the 61.8% Fibonacci correction of the previous sharp downward impulse from February.

ConocoPhillips is expected to rise further in the active impulse waves 5 and (C) toward the next resistance level 66.00.